NCUA approves Share Insurance Fund distribution to credit unions
WASHINGTON, DC (March 7, 2019) — Credit Union National Association (CUNA) President/CEO released the following statement after the National Credit Union Administration (NCUA) board approved a $160.1 million equity distribution from the National Credit Union Share Insurance Fund that will be paid to eligible credit unions in the second quarter of 2019.
“We commend NCUA for its prudent stewardship of credit union funds and for recognizing that this money could be best put to use serving credit union members around the country,” said CUNA President/CEO Jim Nussle. “CUNA was the only national credit union trade association advocating for distributions because we know credit unions will put these funds to work for their members.”
This marks the second fund distribution from the regulator, the first distribution of $735.7 million, went out to credit unions beginning in July 2018. The eligibility criteria for credit unions to receive an equity distribution is detailed in a final rule approved by the NCUA Board in February 2018.
CUNA was the only national credit union trade association to support NCUA closing the Temporary Corporate Credit Union Stabilization Fund in 2017, which led to last year’s distributions.
About CUNA
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.
